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Unemployment in OECD countries will remain high through 2014, with young people and the low-skilled hit hardest, according to a new OECD report.
The OECD area employment rate – defined as the share of people of working-age who are employed – was 65.1% in the first quarter of 2013, unchanged from the previous quarter, and 0.2 percentage point higher than one year ago. This was still 1.4 percentage points below the level recorded in the second quarter of 2008, the quarter preceding the start of the global financial crisis.
The OECD and the International Labour Organisation (ILO) will publish updated G20 labour market data on Wednesday 17 July 2013 ahead of the G20 Labour and Employment Ministers meeting in Moscow.
Norway is better placed to cope with population ageing than most other countries. But it could still do more to improve incentives and opportunities for people to stay working longer which would help ensure the country’s long-term future, according to a new OECD report.
Norwegian, PDF, 46kb
Norway should improve incentives to encourage people to work longer, says OECD in its latest report Ageing and Employment Policies: Norway 2013
Unit labour costs (ULCs) in OECD countries decreased by 0.1% in the first quarter of 2013, compared with a rise of 1.1% in the fourth quarter of 2012. This was driven by lower growth of labour compensation per unit of labour input (0.3% compared with 0.9% in the previous quarter), and increased labour productivity growth (0.4% compared with minus 0.2%).
OECD governments have committed to stepping up their efforts to tackle high youth unemployment and strengthen their education systems to better prepare young people for the world of work.
The OECD unemployment rate decreased to 8.0% in March 2013, compared with 8.1% in the previous month. However, this small decline masks diverging patterns across countries.
Income inequality increased by more in the first three years of the crisis to the end of 2010 than it had in the previous twelve years, before factoring in the effect of taxes and transfers on income, according to new OECD data.
Korea should strengthen its social safety net and improve support for laid-off workers to help them find a new job more quickly, according to a new OECD report.